SmartPulse — our weekly nonscientific reader poll in SmartBrief on Leadership — tracks feedback from more than 170,000 business leaders. We run the poll question each Tuesday in our e-newsletter.
Last week, we asked: How many team members do you expect to lose after they receive their year-end bonus?
- None — they’re all staying: 65.05%
- A few — only a targeted group of individuals: 20.9%
- Several — more than I’d really like: 9.03%
- A lot — there are going to be large numbers departing: 5.02%
It’s cheaper to keep them. We all know it’s cheaper to keep a good employee than it is to lose them and have to hire a replacement. Those replacements come with time, cost and risk. As you identify your “at risk” personnel at the end of the year, isn’t it worth an extra few dollars in their bonus to avoid the possibility of losing them and spending multiples of that money finding and training someone new?
Mike Figliuolo is managing director of thoughtLEADERS and author of “One Piece of Paper: The Simple Approach to Powerful, Personal Leadership.”